Research Affiliates LLC

Research Affiliates LLC, a registered California Limited Liability Company, employs 87 professionals, 40 of whom serve in advisory roles, and has been approved by the U.S. Securities and Exchange Commission since May 2002. With a track record of serving 52 clients, Research Affiliates LLC is well-positioned to provide expert financial analysis services that meet the highest industry standards.

• ASHER KAMALI AILEY

  CHIEF LEGAL OFFICER AND CHIEF COMPLIANCE OFFICER owns less than 5%

• CHRISTOPHER JON BRIGHTMAN

  CHIEF INVESTMENT OFFICER owns less than 5%

• JOSEPH DIEDERICH HATTESOHL

  CHIEF FINANCIAL OFFICER owns less than 5%

• KATRINA FOULKROD SHERRERD

  CHIEF EXECUTIVE OFFICER owns less than 5%

• RESEARCH AFFILIATES GLOBAL HOLDINGS, LLC

  HOLDING COMPANY owns 75% or more

• ROBERT DOUGLAS ARNOTT

  CHAIRMAN owns less than 5%

• ARNOTT FAMILY TRUST

  MEMBER OF RESEARCH AFFILIATES GLOBAL HOLDINGS, LLC owns more than 25% but less than 50%

• ROBERT DOUGLAS ARNOTT

  TRUSTOR AND TRUSTEE ARNOTT FAMILY TRUST A MEMBER OF RESEARCH AFFILIATES GLOBAL HOLDINGS, LLC. INCLUDES BENEFICIAL INTERESTS. owns more than 50% but less than 75%

• L Squared Capital Management LP
• Beacon Pointe Wealth Advisors LLC
• Tarbox Family Office Inc
• PALO Capital Inc
• Pacific Investment Management Company LLC
• Miramontes Capital LLC
• KBS Realty Advisors LLC
• MIG Capital LLC
• Sapience Investments LLC
• Jderek Lewis & Associates Inc

• ISHARES $30,455k
• MARKET VECTORS EMERGING MARKET $23,594k
• ProShares Short S&P 500 $19,390k
• POWERSHARES FTSE RAFI DEV MKT $14,975k
• POWERSHARES FTSE RAFI EMERGIN $14,068k
• POWERSHARES GLOBAL ETF TRUST $13,971k
• POWERSHARES DB G10 CURRENCY HA $9,972k
• POWERSHARES DB CMDTY IDX TRA $6,993k
• ISHARES TR $6,488k
• PROSHARES SHORT QQQ ETF $5,502k